Stocks – U.S. Futures Rise as Fed’s Bullard Points to Possible Rate Cut
Investing.com – U.S. futures rose on Tuesday on hopes that the scale of the recent sell-off could persuade the Federal Reserve to loosen monetary policy.
rose 101 points or 0.4% by 6:52 AM ET (10:52 GMT), while tech-heavy recovered 31 points or 0.5% and was up 11 points or 0.4%.
St. Louis Federal Reserve President James Bullard said Monday that the Fed “needs to tread carefully in order to help sustain the economic expansion” due to global trade risks and weak inflation. He later became the first senior Fed official to say that an could be warranted in the circumstances.
Bullard is one of the Fed’s most dovish officials, but a more authoritative indication of whether the central bank is changing its stance could come at 9:45 AM ET (13:45 GMT), when Chairman Jerome Powell is due to speak at a conference organized by the Chicago Fed. Other Fed members will also speak at the two-day event.
Uber (NYSE:) fell 1.1% in premarket trading, as dozens of analysts that have been gagged by industry practice will be free to speak their mind about the company for the first time since its IPO. The stock has fallen nearly 10% since listing.
Harmony Gold Mining (NYSE:) was down 2.1%, while cloud storage company Box Inc. (NYSE:) slumped 17% after giving a disappointing outlook for revenue.
Elsewhere, technology stocks were higher after their sharp falls on Monday. Facebook (NASDAQ:) rose 0.3%, while Tesla (NASDAQ:) gained 0.9% and Apple (NASDAQ:) was up 0.7%.
On the data calendar, for April are out at 10:00 AM ET (14:00 GMT).
Salesforce (NYSE:), Tiffany (NYSE:) and Cracker Barrel (NASDAQ:) are among those reporting quarterly numbers
In commodities, fell 0.9% to $52.80 a barrel, while gained 0.3% to $1,331.45 a troy ounce. The , which measures the greenback against a basket of six major currencies, was flat at 97.055.
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